Lake Park Colonial Apartments sell for $6.25 million

Multiple owners sold the 55-year-old apartments in North Jacksonville to a joint venture group from Connecticut.


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The 54-unit Lake Park Colonial Apartments at 1865 Edgewood Ave. W. sold July 21 for $6.25 million.

The joint venture between Navarino Capital Management and Mayfair Investment Partners through Lake Park NCM LLC, both of Shelton, Connecticut, bought the property.

It purchased the site from Gan Realty LLC of Hollywood, Florida; Alpha Jacksonville Holdings LLC through Alpha Lm Ventures of Brooklyn, New York; Gaerman Realty LLC of Pomona, New York; and Jax RE Block LLC of Jacksonville.

NAI Hallmark Vice President Luke McCann and Senior Vice President John Rutherford brokered the sale for both the buyer and seller.

“The property represents a strong value-add opportunity in a transformative neighborhood in the Northside submarket,” McCann said in a news release.

“With further exponential job growth, wage growth and favorable supply and demand metrics, buyers continue to view Jacksonville as a top market for their investment capital.”

The property is south of Palmdale Street in Lake Forest Hills. The apartments are less than 3 miles from North Shore Park, Lonnie Miller Regional Park and the Ribault River Preserve and 4 miles from the Jacksonville Zoo and Gardens.

The 2.6-acre community was built in 1967. The per unit sales price is $115,740.

The former owners paid $2.7 million for the property in 2019.

The apartments comprise one-, two- and three bedroom units ranging in size from 800 to 1,135 square feet. As of mid-July no apartments are available, according to Apartments.com.